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United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
The decision was announced following the bank’s board meeting on Monday. UBA also confirmed the appointment of current non-executive director Emmanuel Nnorom as the incoming Group Chairman, with his appointment taking effect on the same date as Elumelu’s retirement.
In a statement, the bank praised Elumelu’s leadership, describing his tenure as transformative for the institution.
According to UBA, under his leadership, the bank strengthened its pan-African expansion strategy, growing operations to 20 African countries and establishing a presence in four global financial centres, while expanding its customer base to more than 50 million.
The bank noted that the leadership transition aligns with the CBN’s corporate governance guidelines, which limit the tenure of non-executive directors to 12 years in a bid to promote stronger board independence and governance.
Reacting to the announcement on Facebook, Elumelu reflected on his journey with the bank, saying his vision was to build a lasting African institution capable of competing globally while contributing to the continent’s development.
He said Africa’s greatest challenge was not a shortage of talented people but the need for enduring institutions that outlive individuals.
Elumelu added that the goal of connecting Africa to itself and the rest of the world had become a reality, with UBA now serving over 50 million customers across Africa and beyond.
He also expressed confidence in his successor, Emmanuel Nnorom, describing him as an experienced leader with a deep understanding of the bank, and urged shareholders, customers, partners, and staff to give him their full support as he takes over the role.
